While inflation concerns linger, American shoppers are filling their carts at WalmartWMT

, driving its stock to an all-time high. The industry bellwether’s Q3 report beat expectations, with comparable sales rising 5.3% year-over-year, signaling unwavering consumer spending heading into the holiday season.

• Walmart posted a 9.4% earnings beat, exceeding revenue expectations by $1.87B — market share gains were notable across income groups, with households earning $100K+ accounting for 75% of its growth.
• The wholesale giant raised its annual sales growth forecast to 4.8–5.1%, up from 3.75–4.75%, driven by a 22% surge in US e-commerce sales and more robust discretionary spending beyond grocery aisles.

Ho-ho-headwinds: Just as Walmart starts “feeling good about [the] holiday” season, a new threat looms. While two-thirds of its products are made, grown, or assembled in the US, potential Trump-era tariffs could force price hikes on imported goods. To prepare, Walmart has accelerated its imports, but CFO John Rainey notes that new import taxes would ultimately mean higher prices for consumers, testing the company’s “Everyday low prices” promise and its recent momentum.